Standard Chartered to sell Hong Kong consumer business to Pepper-linked consortium: sources
By Staff Reporter | Dec 16, 2014 07:20 AM EST
Standard Chartered (STAN.L) has agreed to sell its Hong Kong-based consumer finance business to a consortium that includes Pepper Australia Pty Ltd and a Chinese group, in a deal estimated between $600 million to $700 million, two people with knowledge of the deal said.
The deal, which is expected to be announced later on Tuesday, comes after the UK-listed bank had entered into advanced talks with Pepper in September, Reuters had reported earlier.
The people declined to be identified because the deal is not public.
Officials from Standard Chartered and Pepper could not be immediately reached for comment.
The sale of the Hong Kong consumer finance unit, called PrimeCredit, is among the initial few divestments being pursued by Standard Chartered as it tries to address share price underperformance and difficulties in markets such as South Korea.
Pepper is a specialty mortgage lender, third-party loan servicer and an asset manager, with businesses in the United Kingdom and Australia.
Most Popular
-
1
IBM Appealing Judgement Against BMC, Succeeds in Reversing $1.6 Billion Verdict in Non-Displacement Lawsuit -
2
Tesla’s EV Supercharger Team Getting Disbanded, Leaving Officials, Suppliers Uncertain on Musk’s Future Plans -
3
Top 5 Side Hustles You Can Start in 2024 with $0 Start-Up Cost -
4
Availability Bias: The Mental Trap When Relying Too Much on Search Engines -
5
10 Labor Day Facts: Knowing The Foundation and Legacy of America's Workforce -
6
The Three Income Streams That Brought in $400/month While This Blogger Was Cruising The World -
7
Top 3 Side Hustle Mistakes To Avoid, According to Mind Brain Emotion CEO